Further to its ASX announcements dated 4 April 2019 and 12 April 2019, Lithium Australia NL (ASX: LIT) confirms that it has made a further equity subscription of $100,000 in Envirostream Australia Pty Ltd. This subscription increases LIT’s stake in Envirostream to 11.76%.
LIT, in accordance with its agreement with Envirostream, intends to progressively increase its stake to 18.91%. The funds provided will allow Envirostream to increase its capacity with respect to the recycling of lithium-ion batteries. Envirostream will in due course provide LIT with spent cathode powder, which will be processed into raw materials for the battery industry and used to regenerate cathode powders using LIT’s wholly owned VSPC cathode powder production technology.
Statement from Adrian Griffin, managing director
“Processing of spent batteries improves the sustainability of energy storage systems and is an ethical source of critical raw materials that can be directed back into the battery industry. Together with Envirostream, we plan to lead the industry in environmental best practices and reduce the harm created by disposal of battery materials in landfill. We look forward to developing a strong partnership with Envirostream and encourage all consumers to dispose of their spent batteries responsibly.”